Appraisal Report Body
for use by Client and/or Others
This is an online appraisal report prepared on and with the above indicated effective date. This appraisal has been conducted on the client's behalf at the request of the appraisal management company, Valuethisnow.com, who forwarded me information provided by the client regarding the property that is the subject of this appraisal report. Use of this appraisal report is subject to the Terms of Service as listed on the Valuethisnow.com's web site.
This report body contains the assignment-specific elements of information that are required to be included in this report by the Uniform Standards of Professional Practice (USPAP) as promulgated by The Appraisal Foundation of Washington, DC.
Identity of Client and Other Intended Users
This report is intended for use only by the client, his or her agent, and/or by others who are interested in the value of the subject property.
With the exception of you and the intended users listed herein, this appraisal report is not intended to be used by or influence any particular person(s) or class(es) of persons which might take some action in reliance upon it. Unless otherwise stated, I am not aware that you or your agent intends to transmit any information contained in this report to any other person(s) or group(s) other than to the appraiser-identified intended users listed herein. My liability is limited to you and to the identified intended users of this report to the exclusion of all others. Parties other than those specifically listed as authorized intended users of this report who take some action in reliance upon this report do so at their own risk. Due to the requirement for anonymity, I am unaware of the identity of the client or other intended users, but assume them to be private parties.
Ownership Interest Being Appraised
The appraised values are based upon an assumed 100% client interest in the property undiminished by any liens, fractional interests or any other form of encumbrance. I assume that the client is the sole owner of the property listed in this report; however, mere possession of this appraisal report is not an indication or certificate of title or ownership. Ownership and ownership interest have been represented to me by the client, and no inquiry or investigation has been made nor is any opinion to be given as to the accuracy of such representation.
Intended Use and Value Type and Definition
By agreement between the appraisal management company and the client, the scope of work for this appraisal assignment has been limited to providing an estimate of fair market value and replacement value (comparable) for the intended uses of personal knowledge, contemplated sale or purchase, personal planning, for insurance or damage/loss claims as pre-approved by your carrier, or for litigation or legal purposes as pre-approved by counsel. This appraisal is invalid if used for any other purpose. Opinions of value are in terms of cash.
The definition of Fair Market Value is set forth in Treasury Regulation Sec. 1.170A-1(c)(2) which states that the Fair Market Value is "The price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." For purposes of this assignment, fair market value is based on past consummated sales within the auction market, either online or the traditional onsite.
As defined by "Appraising Personal Property: Principles & Methodology" (Maloney, Appraisers Press, 2011) replacement value (comparable) is the worth of an item based on the amount of money necessary to obtain a comparable substitute property that would provide the same enjoyment, usefulness and other rights of ownership as did the subject property. Replacement value (comparable) is based on the substitute property's replacement cost (comparable) which is defined as the amount of money necessary to replace the item being appraised with a comparable item of property of like kind, age, quality, and utility having similar wear and tear, obsolescence, and value-relevant characteristics as the item being appraised. Replacement cost (comparable) is useful, for instance, when estimating replacement value (comparable) for acquiring insurance coverage of items not capable of being replaced with a brand new property such as antiques, collectibles, or works of art by a deceased artist.
Relevant Dates
Relevant dates associated with this assignment include the following:
Scope of Work
The scope of work for this assignment included an examination of the digital images and descriptive information provided to me by the client. Identification research was later conducted as necessary making use of resources such as internet web sites and/or relevant books authored by subject property experts. Value research was conducted as necessary making use of relevant market research such as price guides, auction sales results, and relevant Internet market data sources. My own past experiences, knowledge and personal observations may have alone formed the basis for my opinion of value.Information Analyzed, Approach to Value
In this assignment, the sales comparison approach to value was employed to determine fair market value as well as replacement value (comparable.) In the sales comparison approach, the most appropriate market is researched to locate comparable items which have sold in the past or which are currently being offered for sale. Adjustments in value are made to reflect differences (if any) in value relevant characteristics between the comparable properties and the subject properties.
Neither the cost approach to value nor the income approach to value were employed:
Listings/Offers/Prior Sales
There are no known current agreements of sale, validated offers or third-party offers to sell, options, or listings of the subject property as of the effective date of the appraisal. There are no known prior sales of the subject property that have occurred within a reasonable time preceding the effective date of this appraisal.
Assignment Conditions Encountered
Assignment conditions could affect the assignment results.
Certification
With the below signature I certify that, to the best of my knowledge and belief: